Loans For Single Mothers – Are They Viable?

Single mothers are some of the strongest women in the world. Not only do you raise your children alone but they are dealing with all that comes with financially managing a family – oftentimes alone. There can be hard times, there will be good times and there will sometimes be times of financial hardship. Raising a family on one or no income is by no means easy. Often relying on benefits and living week to week sometimes works, but when something unexpected happens, there usually is no savings in the bank to help. This is why lenders will provide loans for single mothers to offer some sort of assistance, especially if fast cash is needed.

While the offer of money is hard to refuse in tough financial times, there is a lot of consideration that needs to go into what type of loan you may be accepting. Some loans and lenders will be better than others for single mothers.

One of the easiest loans to get for single mothers is a payday loan. Often very little information is required and some lenders do not even process a credit check for payday loans. You could find yourself being offered money within minutes of applying for a single mother loan. This all sounds too good to be true right – well it is.

Payday loans are usually for a term of 30 days or less. They are required to be paid back, in full, within that term. If they are not you will incur considerable penalty fees and interest charges for each day you don’t repay back the full amount. Even being a day or two late with the repayment can put you in a worse position than you were to start off with. For loans of less than $100 that you are absolutely confident, without a doubt, that you can payback within the specified term this could be an okay option, otherwise steer clear.

If you are a single mother who is looking at studying then there could be an option for a student loan. Often interest rates are competitive as you are working towards bettering your future employment options. There are sometimes initiatives that are supported by the government also. They do not always allow for the support of a full family but often a clever single mother can make it work with what she is entitled too. With these types of loans though ensure you are using the money primarily for your studies.

For those single mothers who perhaps already have considerable amounts of debt and are having trouble managing the repayments, there are loans for single mothers for debt consolidation. Providing you still have a good credit score you could combine all your debt into one loan, usually at a lower interest rate than some credit cards and store cards. This means that you only have one repayment each month for all your existing debt. Not only can it save you money but it makes handling the debt a lot simpler and therefore less stressful. The thing to be careful with here is that you don’t consolidate your debt then accumulate more. Take advantage of the breathing space this type of loan can give you and try to put a little money aside into savings so you don’t get caught short again.

There are many more loans for single mothers available through various different lenders. A good option is to start a search online, be wary of hidden scams and deals that sound too good to be true. Before you take up any offer speak with your bank for single mom loans and if possible gain advice from a financial planner or budget services office. These services are often free of charge and are exceptional at pointing you in the right direction. Good luck!